Works in Progress
[Job Market Paper] “Establishment-Level Unionization at Large Firms: Evidence from the 21st Century” with Alexander Abajian (Latest Version)
Abstract
We examine the effect of establishment-level unionization elections on the equity value of publicly listed firms between 1994 and 2023. Successful elections at individual establishments have two opposing effects on firms’ stock prices - a negative effect on the date when an union election is filed with the NLRB, and a countervailing positive effect when the election is closed. We find no evidence that establishment-level unionization has material affects on stock returns in the short-run horizon regardless of the initial firm-level share of employees unionized, the size of the election taking place, or the sector in which the firm operates. Firms with large elections see a negative effect in the long-run of up to 5% compared to the benchmark, but these results are not robust to different samples or specifications.“Posting Pay Transparency and Worker Outcomes: Evidence from Recent US State Laws” with Sebastian Brown (Draft Forthcoming)
“Executive Compensation in Publicly Listed U.S. Companies: The Influence of Work Experience and Educational Backgrounds” (Draft Forthcoming)
Works in Progress
[Job Market Paper] “Establishment-Level Unionization at Large Firms: Evidence from the 21st Century” with Alexander Abajian (Latest Version)
Abstract
We examine the effect of establishment-level unionization elections on the equity value of publicly listed firms between 1994 and 2023. Successful elections at individual establishments have two opposing effects on firms’ stock prices - a negative effect on the date when an union election is filed with the NLRB, and a countervailing positive effect when the election is closed. We find no evidence that establishment-level unionization has material affects on stock returns in the short-run horizon regardless of the initial firm-level share of employees unionized, the size of the election taking place, or the sector in which the firm operates. Firms with large elections see a negative effect in the long-run of up to 5% compared to the benchmark, but these results are not robust to different samples or specifications.“Posting Pay Transparency and Worker Outcomes: Evidence from Recent US State Laws” with Sebastian Brown (Draft Forthcoming)
“Executive Compensation in Publicly Listed U.S. Companies: The Influence of Work Experience and Educational Backgrounds” (Draft Forthcoming)